Southern California mayor will plead guilty to acting as agent for Chinese government
Business

Southern California mayor will plead guilty to acting as agent for Chinese government

Eileen Wang, the mayor of Arcadia, was charged in April with one count of acting in the US as an illegal agent of a foreign government A Southern California mayor has agreed to plead guilty to acting as an illegal agent for the Chinese government, and has resigned from her city position, officials said on Monday. Eileen Wang, the mayor of Arcadia, was charged in April with one count of acting in the United States as an illegal agent of a foreign government. She was accused of doing the bidding of Chinese officials, such as sharing articles favourable to Beijing, without prior notification to the US government as required by law. The 58-year-old was elected in November 2022 to a five-person city council, from which the mayor is selected on a rotating basis. City manager Dominic Lazzaretto said in a news release that no city finances or staff were involved. “We want to be clear: this investigation concerns individual conduct, and the charges are for conduct that ceased after Ms. Wang was sworn into office in December 2022,” he said. Federal officials said she has agreed to plead guilty to the charge, which comes with a maximum sentence of 10 years in prison.

Chinese chip pioneer calls for focus on ‘pragmatic breakthroughs’ over chasing 2nm hype
Markets

Chinese chip pioneer calls for focus on ‘pragmatic breakthroughs’ over chasing 2nm hype

Richard Chang’s rare public remarks highlight importance of mature chips to China’s supply chain security Richard Chang Rugin, 78, former CEO of Semiconductor Manufacturing International Corp (SMIC), cautioned against blindly chasing industry hype around cutting-edge process nodes. Chang, who was born in mainland China and grew up in Taiwan, returned to the mainland and founded SMIC in 2000 after a 20-year career at Texas Instruments in the US. He resigned as SMIC’s CEO in 2009 amid a years-long trade secrets lawsuit and an out-of-court settlement with rival Taiwan Semiconductor Manufacturing Company. “Many people think competition in the semiconductor industry is just about advanced nodes and that we will only achieve success when reaching 3nm [nanometre] or 2nm – this is a cognitive misunderstanding,” Chang said.

Netflix sued by Texas for allegedly spying on children, addicting users
Business

Netflix sued by Texas for allegedly spying on children, addicting users

‘When you watch Netflix, Netflix watches you,’ reads the opening page of the lawsuit filed by Republican Attorney General Ken Paxton Netflix was sued on Monday by Texas Attorney General Ken Paxton, who accused the streaming company of spying on children and other consumers by collecting their data ‌without consent and designing its platform to be addictive. The Los Gatos, California-based company was also accused of quietly using “dark patterns” to ⁠keep users watching, including an autoplay feature that starts a new show when a different show ends. A Netflix ‌spokesperson said the company plans to address the allegations in court. “Respectfully to the great state of Texas and Attorney General Paxton, this lawsuit lacks merit and ‌is based on inaccurate and distorted information,” the spokesperson said in a statement. “Netflix takes our members’ ⁠privacy seriously and complies ⁠with privacy and data protection laws everywhere we operate.” Many companies, including social media and other businesses with strong online presences, are targets ‌of lawsuits accusing them of quietly tracking users and selling the resulting data to third parties, who use the data for advertising.

US trial hears witness claims of harassment over Chinese ‘secret police station’
Business

US trial hears witness claims of harassment over Chinese ‘secret police station’

Witness testifies he was harassed after holding a protest against the establishment of alleged Fuzhou-controlled facility in New York Lu has pleaded not guilty, and his lawyers maintain that the police station was simply a service centre where overseas Chinese could renew their drivers’ licenses as a convenience during the pandemic. Testifying on behalf of the government, dissident Xu Jie said he travelled from his home in Pomona, California, to New York after the police station was set up, and he live-streamed a demonstration against it on YouTube, after which he was harassed. Asked whether he understood what the term “dissident” meant, Xu responded: “I’m very much familiar with dissident. I am one of them. In China, I understand it to be a group of people who criticise the Chinese government.” US federal agents arrest 2 men for running Chinese ‘secret police station’ in New York

‘Art of the deal’: UK telecoms exit fits Li family’s trademark timing for selling at top
Business

‘Art of the deal’: UK telecoms exit fits Li family’s trademark timing for selling at top

Disposal of VodafoneThree adds to Li family’s record of cycle-savvy moves, with investors weighing where war chest will flow next CK Hutchison Holdings’ shares climbed to their highest level since 2020 after the conglomerate announced plans to exit the UK mobile market, signalling that investors believe the Li family may once again have timed an industry peak before the broader market. Shares rose about 12 per cent to HK$73.30 on Monday from the May 5 close, after the company said it would sell its 49 per cent stake in VodafoneThree for US$5.8 billion. CK Hutchison said the disposal was expected to generate a gain of about HK$4.7 billion (US$600 million). Investors appear to be betting the conglomerate is exiting a mature industry at the right time, as concerns grow over the long-term outlook for traditional telecoms businesses. “The group actively manages its portfolio and strategically seeks value-enhancing opportunities … this will allow for potential capital redeployment towards debt reduction or future investments,” said Aras Poon, associate director at S&P Global Ratings.

China’s AI ascent leaves Trump a stark choice: escalate or relax chip controls?
Business

China’s AI ascent leaves Trump a stark choice: escalate or relax chip controls?

US President Donald Trump’s landmark visit to China comes as the US-Iran war disrupts global energy supplies, fuels economic uncertainty and adds fresh strain to Washington-Beijing ties. In this story, part of a series examining how rivalry, interdependence and geopolitical crises are reshaping the relationship between the two powers, we examine how artificial intelligence (AI), chip controls and competing technology ecosystems are redefining US-China rivalry. Nvidia CEO Jensen Huang was the...

US Treasury Department tells banks to flag suspected Iranian money-laundering networks
Business

US Treasury Department tells banks to flag suspected Iranian money-laundering networks

Banks are asked to look out for oil labelled ‘Malaysian blend’ to disguise its Iranian origin and missing or falsified shipping documents The Treasury Department wants US banks and other financial institutions to monitor for suspected Iranian money-laundering networks that use their funds to smuggle sanctioned oil through shell companies and cryptocurrency networks. The move, which effectively deputises the global financial system to help disrupt Iran’s sanctions-evasion infrastructure, comes as the US and Iran reached another impasse over how to end their war while their ceasefire has grown increasingly shaky. US President Donald Trump on Monday said the Iran ceasefire is on “life support” after he rejected Tehran’s latest proposal to end the war. The Trump administration is calling on banks to flag certain customers who may launder funds for Iran’s Revolutionary Guard - including newly formed companies moving unusually large amounts of money, firms that route payments through multiple intermediaries or transactions connected to Iranian cryptocurrency firms, among other indicators.

Trump heads to China with Musk, Cook and top CEOs for Xi talks
Business

Trump heads to China with Musk, Cook and top CEOs for Xi talks

US President Donald Trump is expected to be accompanied by more than a dozen business leaders, including Tesla Chief Executive Elon Musk and Tim Cook of Apple, during his trip to China this week. The White House on Monday released the list of executives set to travel to China alongside Musk and Cook, including Larry Fink of BlackRock, Kelly Ortberg of Boeing, Dina Powell McCormick of Meta and Ryan McInerney of Visa. The delegation spans key industries, including aviation, technology, banking and...

Brics doesn’t need a unified voice on Iran war to have a future
Industry

Brics doesn’t need a unified voice on Iran war to have a future

The grouping has a future, not as a binding structure demanding policy alignment but as a tool for members to enhance leverage and maximise options As the Brics summit chair, India seeks to straddle its deepening strategic ties with Israel and symbolic commitment to the Global South, while ensuring the safety of its diaspora in the Middle East. Its challenges are compounded by the deterioration in relations with the United States under the second Trump administration, and criticism from domestic opposition over the government’s “uncritical silence” on the US-Israel attacks. Given the disparate interests and divergent stances within the grouping, the coming Brics foreign ministerial meetings in New Delhi are unlikely to yield concrete breakthroughs over the war. Yet it would be a mistake to conflate a known fact – that Brics is not a coherent bloc – with a premature conclusion: that Brics is impotent. As Heiwai Tang and I argued in our co-edited volume, the grouping is best conceived of as a tool for leverage enhancement and optionality maximisation, as opposed to a binding structure demanding alignment on all major policy stances.

Trump to raise Taiwan, Jimmy Lai case when he meets Xi in Beijing this week
Industry

Trump to raise Taiwan, Jimmy Lai case when he meets Xi in Beijing this week

US President Donald Trump said on Monday that Taiwan would be discussed in his talks with Chinese leader Xi Jinping, and pledged to raise the case of jailed Hong Kong media tycoon Jimmy Lai Chee-ying at their summit in Beijing this week. Speaking to reporters in the Oval Office, Trump said the Chinese President would be more likely than he to bring up the Taiwan issue at their meeting on Thursday and Friday. “He’ll bring up Taiwan, I think, more than I will,” he said. Asked whether the US should...

Rewriting the Rules of Risk
Markets

Rewriting the Rules of Risk

Seth Peller, CEO of Marsh Hong Kong & Macau, advocates for proactive, data-driven resilience by integrating climate strategy, AI-ready talent, and interconnected risk management. Hong Kong stands at a pivotal moment in its evolution as a global financial centre. Economic realignment, geopolitical tension, extreme weather events and talent shortages dominate headlines. Yet, according to Seth Peller, CEO of Marsh Hong Kong & Macau, the most consequential threats are unfolding more quietly — and far more systemically. Climate volatility. AI acceleration. Workforce fragility. Geoeconomic uncertainty. “These risks are no longer separate,” he says. “They are interconnected — and every decision to mitigate them has consequences.” With more than 30 years in the insurance and risk advisory industry, Peller has held leadership roles across London, New York, Latin America and Asia, before taking the helm in Hong Kong and Macau. Today, he steers the strategic direction and operational performance of Marsh Risk and Mercer under the Marsh brand. His perspective is shaped not just by markets, but by lived crises. “When you see one of those mega storms and you experience that, it definitely increases your awareness,” he says.

Trump’s China visit watched in US for signs of stability – and tangible wins
Industry

Trump’s China visit watched in US for signs of stability – and tangible wins

US President Donald Trump’s coming visit to China is being closely watched by business leaders, policymakers and Chinese-American groups hoping for signs that Washington and Beijing can stabilise one of the world’s most consequential relationships, even as expectations for major breakthroughs remain limited. The trip comes against the backdrop of mounting geopolitical tensions, including the ongoing war involving Iran and disruptions linked to the Strait of Hormuz, as well as continued friction...